Sunday, July 22, 2007

New York Real Estate Bubble

The New York Sun reports that commercial real estate prices in New York are escalating rapidly. Eighteen months ago the highest commercial price ever recorded was $1,000 per square foot. According to the Sun the highest price is nearing $2,000 per square foot.

"Investment sales for 2006 reached an all-time record of $34.8 billion."

With a plummeting dollar, spikes in real estate prices and the Dow Jones and S&P 500 at or near all-time highs, it is time to "break out the bubbly". Sometimes you just got to party like it's 1999!

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Mitchell Langbert

About Me

I have researched and written about employee benefit issues and in my previous life was a corporate benefits administrator. I am currently associate professor of business at Brooklyn College. I hold a Ph.D. from the Columbia University Graduate School of Business, an MBA from UCLA and an AB from Sarah Lawrence College. I am working on a project involving public policy. I blog on academic and political topics.